The Central Bank of Nigeria (CBN) has retained the Monetary Policy Rate (MPR), also known as the benchmark interest rate, at 26.5 per cent.
CBN Governor Olayemi Cardoso announced the decision on Tuesday after the conclusion of the 306th meeting of the Monetary Policy Committee (MPC).
Speaking during the post-meeting briefing, Cardoso said the committee unanimously agreed to leave the benchmark interest rate unchanged.
The Committee decided as follows: retain the monetary policy rate at 26.5 per cent,” the CBN governor stated.
The decision marks the second consecutive time the apex bank has maintained the benchmark interest rate at 26.5 per cent as it continues to assess economic conditions and inflation trends.
Further details from the MPC meeting are expected to be released.
